In previous studies, Provenge has been shown to have a delayed positive impact on survival. Based on this, CEO Mitch Gold said the interim results are promising.
Next, Genentech (DNA) and OSI Pharmaceuticals (OSIP) said that a late-stage study found that a combination of cancer drugs Avastin and Tarceva as a second-line treatment in patients with advanced lung cancer failed to increase the overall survival rate.
The "BeTa Lung" study looked at Avastin in combination with Tarceva in comparison to Tarceva alone in patients for whom chemotherapy had not stopped cancer progression. Median survival in the Tarceva and placebo group was 9.2 months. The companies said the median survival in the combination arm was similar but did not give specific data. The full data will be presented at a U.S. conference in November.
Wall Street analysts said that the trial's potential success wasn't factored into any Genentech revenue estimates, giving Monday's outcome little impact. Genentech shares were down $4.40, or 5%, at $83.13. OSI shares lost value on the study data, shedding $7.90, or 17%, at $37.94.Also Monday, Salix Pharmaceuticals Ltd. (SLXP) said at the American College of Gastroenterology that its rifaximin met its goals improving quality of life for patients with irritable bowel syndrome in a midstage clinical trial. Its shares were up $1.09, or 19.2%, at $6.77. And CombinatoRx Inc (CRXX) shares plunged $2.22, or 74%, to 78 cents, after osteoarthritis drug Synavive missed its main goal in a midstage trial, as it didn't significantly improve knee symptoms vs. placebo.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV